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APM

a16z Perennial Management Portfolio holdings

AUM $1.24B
1-Year Est. Return 7.36%
This Fund
S&P 500
This Quarter Est. Return
-9.37%
1 Year Est. Return
-7.36%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$871M
AUM Growth
-$25.5M
Cap. Flow
+$107M
Cap. Flow %
12.3%
Top 10 Hldgs %
90.52%
Holding
60
New
11
Increased
6
Reduced
5
Closed
11

Top Buys

Rank Stock Value
1
XHLF icon
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF
XHLF
+$70M
2
MUB icon
iShares National Muni Bond ETF
MUB
+$24.1M
3
NU icon
Nu Holdings
NU
+$7.76M
4
MSFT icon
Microsoft
MSFT
+$7.22M
5
JBBB icon
Janus Henderson B-BBB CLO ETF
JBBB
+$1.85M

Top Sells

Rank Stock Value
1
CMF icon
iShares California Muni Bond ETF
CMF
+$23.9M
2
COIN icon
Coinbase
COIN
+$9.98M
3
RBLX icon
Roblox
RBLX
+$4.07M
4
LQD icon
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
+$2.12M
5
HYGH icon
iShares Interest Rate Hedged High Yield Bond ETF
HYGH
+$1.89M

Sector Composition

Rank Sector Weight
1 Financials 50.9%
2 Consumer Discretionary 8.67%
3 Technology 8.23%
4 Communication Services 2.07%
5 Healthcare 0.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
COIN icon
1
Coinbase
COIN
$38.6B
$276M 31.62%
1,599,762
-41,200
-3% -$9.98M
NU icon
2
Nu Holdings
NU
$69.2B
$163M 18.74%
15,942,500
+657,000
+4% +$7.76M
XHLF icon
3
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF
XHLF
$1.94B
$70.1M 8.05%
+1,392,000
New +$70M
ABNB icon
4
Airbnb
ABNB
$89.9B
$64.6M 7.42%
540,805
+8,174
+2% +$1.1M
OKTA icon
5
Okta
OKTA
$24.7B
$62.9M 7.22%
597,873
– –
COIN icon
6
PUT
Coinbase
COIN
$38.6B
$53.2M 6.11%
+309,100
New +$74.8M
MUB icon
7
iShares National Muni Bond ETF
MUB
$45.1B
$23.6M 2.71%
+226,366
New +$24.1M
VTEB icon
8
Vanguard Tax-Exempt Bond Index Fund
VTEB
$45.1B
$21.6M 2.48%
435,683
– –
IVV icon
9
iShares Core S&P 500 ETF
IVV
$878B
$20M 2.3%
33,100
– –
ABNB icon
10
PUT
Airbnb
ABNB
$89.9B
$13M 1.49%
108,600
-101,400
-48% -$13.6M
RBLX icon
11
Roblox
RBLX
$25.4B
$9.95M 1.14%
170,753
-64,700
-27% -$4.07M
CART icon
12
Maplebear
CART
$10.5B
$9.09M 1.04%
227,839
+6,056
+3% +$269K
MSFT icon
13
Microsoft
MSFT
$3.45T
$6.65M 0.76%
17,712
+17,700
+147,500% +$7.22M
AFRM icon
14
Affirm
AFRM
$23.9B
$4.71M 0.54%
104,220
-23,300
-18% -$1.38M
META icon
15
Meta Platforms (Facebook)
META
$1.42T
$3.57M 0.41%
6,194
– –
PINS icon
16
Pinterest
PINS
$13.4B
$3.05M 0.35%
98,473
– –
JBBB icon
17
Janus Henderson B-BBB CLO ETF
JBBB
$1.4B
$1.86M 0.21%
+37,700
New +$1.85M
AMZN icon
18
Amazon
AMZN
$2.92T
$1.81M 0.21%
9,520
– –
RBLX icon
19
PUT
Roblox
RBLX
$25.4B
$1.63M 0.19%
+28,000
New +$1.76M
CRWD icon
20
CrowdStrike
CRWD
$194B
$1.56M 0.18%
17,752
– –
GOOG icon
21
Alphabet (Google) Class C
GOOG
$4.36T
$764K 0.09%
4,920
– –
BITB icon
22
Bitwise Bitcoin ETF
BITB
$2.41B
$716K 0.08%
15,961
– –
SPY icon
23
State Street SPDR S&P 500 ETF Trust
SPY
$790B
$693K 0.08%
1,239
– –
WVE icon
24
Wave Life Sciences
WVE
$1.09B
$627K 0.07%
77,619
– –
NFLX icon
25
Netflix
NFLX
$299B
$524K 0.06%
5,620
– –
1
2 3

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GX
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HCA
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NHAS
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FLII
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a16z Perennial Management's Q1 2025 Portfolio in Review

As of Q1 2025, a16z Perennial Management held 60 positions worth $871M, down 2.8% from $897M the previous quarter. Its ten largest holdings account for 91% of the portfolio.

a16z Perennial Management deployed $107M of net new capital in Q1 2025, opening 11 new positions and adding to 6 existing holdings. Its largest new stake was BondBloxx Bloomberg Six Month Target Duration US Treasury ETF: 1,392,000 shares worth $70.1M.

By sector, the portfolio is most concentrated in Financials at 51% of assets, down from 64% a quarter earlier, followed by Consumer Discretionary and Technology.

On the sell side, the largest reduction was Coinbase, an estimated $9.98M trimmed.

  • a16z Perennial Management's largest Q1 2025 buy was BondBloxx Bloomberg Six Month Target Duration US Treasury ETF: 1,392,000 shares worth $70.1M.
  • a16z Perennial Management added most to Nu Holdings in Q1 2025, an estimated $7.76M increase.
  • a16z Perennial Management's biggest Q1 2025 reduction was Coinbase, cutting an estimated $9.98M.
  • a16z Perennial Management fully exited iShares California Muni Bond ETF in Q1 2025, selling an estimated $23.9M.
  • a16z Perennial Management's ten largest holdings make up 91% of its $871M portfolio in Q1 2025.
  • a16z Perennial Management opened 11 new positions and closed 11 in Q1 2025.
  • a16z Perennial Management's portfolio value fell 2.8% quarter-over-quarter to $871M.

Based on a16z Perennial Management's 13F filing for Q1 2025, filed 6 May 2025.